MIT: Crypto Normal in 2019 – AirWire Crypto Insights
MIT: Crypto Normal in 2019
At the beginning of this year, Mike Orcutt from the MIT Technology Review put out an article stating, “in 2017, blockchain technology was a revolution that was supposed to disrupt the global financial system. In 2018, it was a disappointment. In 2019, it will start to become mundane.”
I think it’s safe to say, we all feel 2018 deep in our bones; a crypto-winter unlike any we’ve seen before. Many analysts suggest that the runup of late 2017 could be the last of its kind – leading to a much more stable growth pattern in coming years as mass adoption takes effect.
But, do we really expect that 2019 will be the year that blockchain technology becomes standard operating procedure for the world? Mr. Orcutt goes on to suggest three indicators that could create an environment of normalcy around crypto for the masses.
- Big plans from Walmart and Wall Street
“Intercontinental Exchange (ICE), the owner of the New York Stock Exchange and one of the most influential players on Wall Street, plans to launch its own digital asset exchange in early 2019. And Fidelity Investments recently created a new company called Fidelity Digital Assets.”
Big things are certainly coming down the pike in terms of new players, new tech, stronger infrastructure, etc. and we (as the crypto community overall) could really use some good news right about now; especially after the beating we took in 2018.
- Oracle-based Smart contracts
“A startup called Chainlink recently teamed with academic researchers at Cornell to create what it calls the first “provably secure, decentralized oracle network.” Its oracles use cryptography and a type of secure hardware called a trusted enclave to securely feed data to smart contracts on the blockchain.”
In short, smart contracts are getting more robust, more secure, and more reliable. Just because the crypto markets took a major dump over the last year, doesn’t mean that people haven’t been hard at work learning from the mistakes of the past and aren’t pressing forward to bigger and better tech. Even the AirWire team has been busy getting positioned for the next huge wave that could potentially overtake the markets in mass-frenzy; especially as larger investors finally start participating in the digital asset space.
- State-backed digital currencies
I’m not personally as excited about the prospect of a state-backed digital currency; but I can certainly see the benefits of a transitory means to get people onboarded into the blockchain space.
I think Mr. Orcutt agrees: “A digital form of banknotes guaranteed by governments? In many ways, it’s the opposite of the revolution the original cryptocurrency pioneers envisaged. But revolutions don’t always unfold the way the revolutionaries had in mind.”
As we move forward into 2019, what new advancements do you think we should expect to see emerging in blockchain technology? Do you think it’s possible that we’re nearing the end of the crypto-winter of 2018? Do you agree with the author of the article, Mr. Orcutt? Is 2019 the year of crypto/blockchain normalization?
Daniel Wagner is a father of four, writer, creator, political/philosophical commentator, blockchain enthusiast, and crypto-communicator. He is the Director of Marketing for AirWire, educating noobs about the blockchain industry since 2015. You can contact him at [email protected]